Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.026%

Price spread now: SoDEX against Phemex+0.055%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SoDEX is 0.055% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.020	0	get 0.0000% / 4h	11m 21s	$1.0M	$49K	10x
Short	SoDEX CRCL-USD	92.071	0.0050	get 0.0006% / 1h	11m 21s	$46K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee SoDEXbpOrdersPrice spread, now +0.055%Rate

Funding earned: $10.5
Price spread: +0.055% → 0.000%: $5.54
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$3.96
Costs to cover: 0.200%
Break-even: 9.6 days

Slippage unknown: Phemex: live order book, 1 min ago; SoDEX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 1 min ago	1.63 bp	34.7 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CRCLUSDT	−0.0925%	8h	92.140	+0.130%	$16.6M	$35.2M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.860	−0.174%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.069	+0.053%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.054	+0.037%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.120	+0.109%	$104.9M	$390.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	+0.109%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.155	+0.147%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.140	+0.130%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	−0.099%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.052	+0.035%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDTlong	0.0000%	4h	92.020	long leg	$1.0M	$49K	10x
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.990	−0.033%	$908K	$491K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.150	+0.141%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.150	+0.141%	$977K	$2.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0035%	8h	92.100	+0.087%	$22.3M	$61.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.997	−0.025%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.010	−0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.041	+0.023%	$68.6M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.069	+0.053%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	92.071	+0.055%	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.000	−0.022%	$1.0M	$5.2M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.120	+0.109%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.070	+0.054%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.990	−0.033%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	+0.054%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.066	+0.050%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	92.118	+0.107%	$424	$905	5x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.100	+0.087%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	92.044	+0.026%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	92.149	+0.140%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	91.994	−0.028%	$51K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0309%	1h	92.045	+0.028%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.560	+0.587%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0728%	1h	92.090	+0.076%	$4K	$767K	10x	as long as short